GM 2003 China earnings rise to US$437m

General Motors (GM) said its 2003 earnings from China totaled US$437 million, more than triple its earnings from 2002. This is the first time GM has disclosed China earnings data in its SEC filings. The company said increasing sales volumes and greater market share in China in 2004 could be countered by competition-fuelled price drops as well as higher structural costs as it expands. GM said it will focus on smaller low-margin cars in China in the future.